The document provides an earnings release for Tempo ParticipaçÃμes for 4Q08, highlighting a CEO change, stock buyback programs, and SAP implementation. It also summarizes key financial metrics for the health, dental, and assistance segments, showing overall revenue and EBITDA growth despite quarterly declines in some segments. Total CAPEX for 2008 was R$30.5 million.

1. Earnings Release
4Q08
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2. Disclosure
Due to the Company´s IPO in 2007, the 4Q07 presented better than usual
results. This incremental EBITDA pertain to other 2007 quarters as per accrual
accounting rules. Hence, 4Q07x4Q08 comparison is negatively impacted. For a
better view of the business a YoY comparison should be considered.
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3. Highlights
CEO Change: As of 04/01/2009, Carlos Formigari will be the new CEO for Tempo Participações. José
Bonchristiano leaves his current position to become Co-President of the Board of Directors along with
Dimas Maia, who is the current president of the Board. Mr. Formigari comes from a 9-year career at
Unibanco as General Director of Unicard, Unibanco´s credit card company.
Stock Buyback Program: Tempo concluded its first stock buyback program in the 4Q08. The total
amount of shares purchased were 8.168.500, which totals a R$ 22.2Million investment. Following the
conclusion of the first buyback program, Tempo initiated its second buyback program on November 27,
2008, allowing it to buy up to 10% of the current Free Float during the preceding 365 days. As of March 31,
2009, Tempo purchased 2.2 Million shares.
SAP: In December of 2008, Tempo decided to implement SAP software. The implementation is currently
taking place and should be concluded by 3Q09.
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4. Tempo Consolidated
Net Revenues (R$MM) EBITDA (R$MM)
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5. Health Segment
Beneficiaries (in Millions)
Growth of 6,2% growth in number of lives covered. New clients have fueled
this growth as well as a modest growth in existing client base.
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6. Health Segment
Net Revenues (in R$Million)
Net Revenues presented a strong growth of
33,7% YoY and a 19,3% growth QoQ.
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7. Health Segment
Costs of Services Rendered (in R$Million)
Tempo´s HomeCare unit was only acquired
and running jointly with the business segment
starting October 2007.
12,8%
Selling, General & Administrative Expenses (in R$Million)
Due to a different business model, the
HomeCare division contributed with a
higher SG&A ratio than Gama Saúde.
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8. Health Segment
Adjusted EBITDA (in R$Million)
The adjusted EBITDA for the fiscal year of 2008 had
a strong growth of 19,1% YoY. However, on a QoQ
analysis the Health segment showed a significant
decline, mostly due to 4Q07 results that accumulate
results from other 2007 quarters (as per accrual
accounting rules).
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9. Dental Segment
Beneficiaries (in Millions)
Strong growth of 75,4% YoY, surpassing
833 thousand lives.
In the midst of acquisitions and
integration, the Dental Segment had a solid
organic growth of 32% in 2008.
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10. Dental Segment
Net Revenues (in R$Million)
Growth was influenced by strong M&A
activity and solid organic growth in its
beneficiaries base.
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11. Dental Segment
Costs of Rendered Services (in R$Million)
51,2%
A strong contributor to this
impact has been the Affinity
channels.
Selling, General and Administrative Expenses (in R$Million)
M&A and organic growth in
Dental during 2008 were fueled
by SME and Affinity accounts,
which carry significantly lower
broker´s commissions.
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12. Dental Segment
Adjusted EBITDA (in R$Million)
EBITDA for the Dental Segment showed strong
growth. On a QoQ comparison, EBITDA grew by
85,7%. When comparing YoY, the company
achieved an Adjusted EBITDA of R$15,6 Million, a
174,4% growth
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13. Assistance Segment
Items (in Millions)
Tempo had a relevant contract renewal
with Tokio Marine for additional seven
years. Moreover, two new clients joined our
base: Marítima and Confiança
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14. Assistance Segment
Net Revenues (in R$Million)
Part of the growth is attributed to new
clients such as Marítima and Confiança.
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15. Assistance Segment
Costs of Rendered Services (in R$Million)
Selling, General and Administrative Expenses (in R$Million)
In 4Q08, USS continued to show
significant decrease in SG&A of
20% and the YoY also showed a
strong reduction of 22.6%
reduction, proving that USS is
benefiting from economies of scale
and synergies in shared structure.
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16. Assistance Segment
Adjusted EBITDA (in R$Million)
Adjusted EBITDA for the Assistance
Segment for the 4Q08 was R$5.0 Million.
For the year, however, Adjusted EBITDA
grew by 5.8% YoY reaching a total of
R$28.4 Million.
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17. CAPEX
CAPEX
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18. Tempo Participações
Investors Relations
+55 -11 - 4208 – 8025
ri@tempopar.com.br
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